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Non Residence Account
People who have originated from different countries to UK can open Non residence savings account with a bank that has operations in your original country. Some UK banks which have their operations in your native country will have the option of Non residence savings account. But mostly Banks in your native country will have the option of Non Residence account which you could open when you visit your country of origin or now a days you could open online.
Non residence account will be usually in the currency of your native country, but you will have to deposit only pounds into that account which will be converted to the currency of your country by the available exchange rates on that day.
For example if you are coming from India you will be able to open NRI accounts such as NRE, NRO, and FCNR accounts.
You can credit your account both foreign currency and Indian rupee. The funds cannot be accessed outside India, you can only access or withdraw from your account when you are in India. Interest earned from your NRE account is subject to Indian income tax.
You can credit your account with foreign currencies. You could transfer from your one repatriable NRE account to your another NRE account. Funds can accessed from anywhere.
Fixed currency non residence account ( FCNR) can be opened in currency of your choice from the available currency options for a fixed term. Usually Banks will be providing currency options in US dollar, Pound, Euro, and Singapore Dollar etc.
Non residence account will be usually in the currency of your native country, but you will have to deposit only pounds into that account which will be converted to the currency of your country by the available exchange rates on that day.
For example if you are coming from India you will be able to open NRI accounts such as NRE, NRO, and FCNR accounts.
NRO Account
You can credit your account both foreign currency and Indian rupee. The funds cannot be accessed outside India, you can only access or withdraw from your account when you are in India. Interest earned from your NRE account is subject to Indian income tax.
NRE account
You can credit your account with foreign currencies. You could transfer from your one repatriable NRE account to your another NRE account. Funds can accessed from anywhere.
FCNR Account
Fixed currency non residence account ( FCNR) can be opened in currency of your choice from the available currency options for a fixed term. Usually Banks will be providing currency options in US dollar, Pound, Euro, and Singapore Dollar etc.
